Support and Resistance (Fractal-based)

Category: market_structure

Calculates and plots horizontal support and resistance levels based on Bill Williams' Fractals, providing breakout signals when price closes beyond these levels.

Formula

Resistance_i = \begin{cases} High_i & \text{if FractalUpper}_i \neq EMPTY \\ Resistance_{i+1} & \text{otherwise} \end{cases} \\ Support_i = \begin{cases} Low_i & \text{if FractalLower}_i \neq EMPTY \\ Support_{i+1} & \text{otherwise} \end{cases} \\ Signal_{Buy} = Close_i > Resistance_i \text{ AND } Close_{i+1} \leq Resistance_i \\ Signal_{Sell} = Close_i < Support_i \text{ AND } Close_{i+1} \geq Support_i

Inputs

• EnableNativeAlerts (default: false)
• EnableEmailAlerts (default: false)
• EnablePushAlerts (default: false)
• TriggerCandle (default: Previous)
• EnableDrawArrows (default: false)
• ArrowBuyCode (default: 241)
• ArrowSellCode (default: 242)
• ArrowDistance (default: 10)

See signal primitives, usage in published strategies and more on WOBR StrategyVerse.